China Shipping Container Lines suffers 8.1pc interim revenue drop

China Shipping Container Lines Company late on Thursday reported an 8.1 per cent drop in first-half revenue to 16 billion yuan, although it managed to increase shipping volume by 1 per cent.

The country’s second-largest shipping company   suffered a 97.5 per cent plunge in   net profit during the period to 10.6 million yuan.

Freight rates for Asia-Europe trade lanes hit record low levels in the first half due to weakness in the euro zone economy, but those for transpacific trade lanes remained stable due to a recovery in the US economy,   it said.

“In the second half of 2015, international trade still won’t be cheerful,” the company said.   “With the massive influx of new shipping capacity, [the] shipping market will face even more uncertainties.”